Although the Combined Code on Corporate Governance applies only to companies with a full listing on the London Stock Exchange, it is considered appropriate by the Directors that the Group complies with its principles where possible given its size and stage of development. The Group has appointed Remuneration and Audit committees to oversee these areas of activity. All non-executive directors are involved in both committees.

 

 

The Non-Executive Directors compose these two committees

David Smith oversees the Audit Committee, which undertakes a formal assessment of the auditors’ independence each year which includes:

• a review of non-audit services provided to the Group and related fees
• discussion with the auditors of a written report detailing all relationships with the company and any other parties that could affect independence or the perception of independence
• a review of the auditors’ own procedures for ensuring the independence of the audit firm and partners and staff involved in the audit, including regular rotation of the audit partner
• obtaining written confirmation from the auditors that, in their professional judgement, they are independent.

Keith Willey oversees the Remuneration Committee, which is responsible for making recommendations to the Board on the Company’s remuneration and compensation plans, policies and practices and for determining, within agreed terms of reference, specific remuneration packages for the Executive Directors.